Nov 13, 2019

Cleveland Clinic, MIT, Duke and USC to receive $1 billion in unrestricted funds

The Cleveland Clinic and three U.S. universities announced Wednesday they will receive unrestricted funds of roughly $260 million each, due to the sale of global technology and manufacturing company, Lord Corp.

Why it matters: Officials at the the Cleveland Clinic, Massachusetts Institute of Technology, Duke University and the University of Southern California say the anticipated $1 billion in total donations is believed to be the largest single allocation of its kind.

Of note: Many institutional donations like this comes with detailed agreements from donors on how the money may be used, but this did not, the Washington Post reports.

  • Lord Corp. grew its sales to more than $1 billion in 2018, and the company was recently purchased by Parker-Hannifin Corporation for $3.7 billion, triggering the distribution of proceeds to the four schools to advance education and research in science and technology, per the Cleveland Clinic.
  • The Lord foundations supported MIT, Duke, USC and the Cleveland Clinic, and previously handed out approximately $200 million to the four institutions since the 1980s.

The bottom line: The universities and medical center can prioritize needs that are pressing, but may not be appealing to donors.

Go deeper: GoFundMe's place in the health care system

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How Ohio boosted venture capital investment

Illustration: Sarah Grillo/Axios

In the battle for talent and economic growth, U.S. cities are often competing with each other to become the next tech hubs and lure new investment and jobs. In Ohio, however, venture capital investors in three cities are taking a different approach by working together to boost the state's startup appeal.

Why it matters: The midwest is hardly a hotbed for venture capital activity, the majority of which goes to New York, Massachusetts and California. But legacy rustbelt states see a chance to attract entrepreneurs looking for alternatives to pricey cities like San Francisco.

Go deeperArrowDec 5, 2019

Ranking countries by how much of their GDP is held by philanthropies

Reproduced from the Harvard Kennedy School's Hauser Institute for Civil Society at the Center for Public Leadership; Paula D. Johnson, et. al, 2018, "Global Philanthropy Report." Chart: Axios Visuals
Go deeperArrowNov 30, 2019

Middle-class charitable givings drop following tax change

Photo: EVERSOFINE/Getty Images

Food banks and charities in the D.C. area are experiencing a steep decline in donations, making it harder for them to serve people in need, the Washington Post reports.

Why it matters: Middle-class families are donating less than previously following a 2017 tax code change led by Republicans. Meant to streamline the tax filing process, the change actually reduced the benefits they used to get from charitable deductions, the Post writes. Smaller charities rely on local residents to donate.

Go deeperArrowNov 28, 2019